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January Charleston Real Estate Market Report

Thursday, February 21, 2019

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January Charleston Real Estate Market Report

With a sound economy, extremely low unemployment rate, and growing steady wages, home sales started to slow down early this year. This is probably due to the proposed interest rate hike that was thought to happen in January 2019. The Federal Reserve, in response to wanting to grow affordability of homes, did not increase rates this month! We will continue to see the topic of home affordability impact the market throughout the remainder of this year.

January 2019 Charleston Real Estate Statistics

New Listings - 2,084 (up 14.4% from last year)

Pending Sales - 1,554 (up 12% from last year)

Closed Sales - 942 (down 16% from last year)

Days on Market - 62 (down 1.6% from last year)

Median Sales Price - $265,000 (up 2.7% from last year)

Percent of Asking Price Received - 95.6% (down 0.3% from last year)

Months Supply of Inventory - 3.5 (same as last year)

The number of new listings to closed sales seems dramatically different, but keep in mind that delays in closings are very common (can be up to a few months). That contributes to why there are 1,554 homes pending sale. Also, remember that homes, on average, are on the market for roughly 2 months so the majority of homes are not being listed and sold within the same month. The median sales price is up 2.7% from last year, meaning the value of your home is going up! For buyers though, home affordability might be a topic for discussion. On average, sellers are receiving 95.6% of their asking price which is only down slightly at .3% from last year. This means that you might not receive full listing price if you are a seller but it is positive news for buyers as you might be able to come in with an offer below asking price to fit your budget and still get the home of your dreams!

We are still in a seller's market! We can tell this by the month's supply of inventory which is 3.5 months making demand still high. Here at Jeff Cook Real Estate, we closed on 82 homes and listed 45 homes in the month of January. We also maintained 98% (on average) of asking price received for our clients.

These numbers are important to know in order to be informed when the best time to list your home is! This time of year will be busy with motivated sellers wanting to list their home to meet some of their yearly goals. Now is the time to list as the year continues to get busier!

By submitting this information, you provide express written consent to Jeff Cook Real Estate and our affiliates (the “Company”) sending you future information, contacting you for telemarketing purposes using the information (including any phone numbers) you have or will provide us, and monitoring and recording these communications to assure the quality of service or for other reasons. This means the Company may contact you via residential number, mobile number and/or text messaging (including use of automated dialing equipment and pre-recorded calls). You are not required to give your consent as a condition of making a purchase with the Company. Additional information can be found in our Privacy Policy.